The National Bank of Ethiopia (NBE) has unveiled a new web-based platform called the Foreign Exchanges Monitoring and Orchestration Unified System (FEMoUS) designed to digitize and automate the country's foreign exchange operations.
FEMoUS integrates commercial banks, importers, exporters and other stakeholders involved in foreign trade and investment activities onto a single online platform. It facilitates import/export permit applications, tracks foreign currency transactions in real-time, and manages utilization permits and delinquency status updates digitally.
The platform automates key processes such as permit management, compliance checks, data exchange with customs and revenue systems, and foreign exchange reporting. It aims to simplify operations, cut red tape and improve transparency across the Ethiopian forex sector.
National Bank officials believe the new system will modernize their operations and make it easier for businesses and investors to navigate foreign exchange policies and regulations.
Industry groups are expected to welcome the initiative, as the new system will enable “businesses to handle their foreign exchange permits and transactions online, saving significant time and reducing errors.” It is also expected to “enhance the stability of Ethiopia's foreign exchange reserves.”
The launch of FEMoUS marks Ethiopia's latest move to embrace digital reforms and leverage financial technology since floating the Ethiopian birr during end of July 2024.
In September 2024, The National Bank of Ethiopia (NBE) unveiled a new mobile remittance application that will facilitate services for Non-Resident Ethiopians and Persons of Ethiopian Origin by providing a gateway for banking services abroad.
The app allows diasporas to connect with Ethiopian banks, open foreign currency accounts, manage investments and engage in banking and payment activities back home through a single digital platform.